Notes to SEFA
Title: NOTE D. PASSED-THROUGH SUBRECIPIENTS
Accounting Policies: NOTE A. BASIS OF PRESENTATION The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Swan Memorial Housing Association under programs of the federal government for the year ended September 30, 2024. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations
of Swan Memorial Housing Association, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Swan Memorial Housing Association.
NOTE B. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Swan Memorial Housing Association has elected not to use the 10% de minimis indirect cost rate allowed under
the Uniform Guidance.
For the year ended September 30, 2024, there were no awards passed through to subrecipients
Title: NOTE E. FEDERALLY FUNDED AND INSURED MORTGAGE
Accounting Policies: NOTE A. BASIS OF PRESENTATION The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Swan Memorial Housing Association under programs of the federal government for the year ended September 30, 2024. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations
of Swan Memorial Housing Association, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Swan Memorial Housing Association.
NOTE B. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Swan Memorial Housing Association has elected not to use the 10% de minimis indirect cost rate allowed under
the Uniform Guidance.
Under the U.S. Department of Housing and Urban Development, Swan Memorial Housing Association received a
Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing Projects Mortgage (the Note).
The Note is secured by a deed of trust and provides for monthly payments of $10,327, including principal and
interest at 3.35 percent until August 1, 2047. At September 30, 2024, $1,980,668 is outstanding.